Laws, Regulations & Annotations

C

210.0000 CALIFORNIA LAND CONSERVATION ACT

Annotation 210.0028

210.0028 Valuation. Revenue and Taxation Code section 423.3 allows counties the option of further limiting the values of restricted properties, by allowing but not requiring cities or counties to assess the four land types in section 423.3 at a percentage of the property's factored base year value under section 110.1 rather than at its full factored base year value under section 110.1. Sections 423(d) and 423.3 provide for a value comparison requiring the assessor to value enforceably restricted open-space land at the lower of the property's section 423 value (capitalized income value), its section 110 value (fair market value), its section 110.1 value (factored base year value), or, if authorized by the county, its value as calculated under section 423.3. If a county has adopted the provisions of Section 423.3, the assessor should not value restricted properties below 70 percent, 80 percent, or 90 percent of the factored base year value. Whatever percentage is chosen, when multiplied by the factored base year value, serves as the maximum value that may be assessed on the property. C 1/31/2014.